What is a Rapid Succession company?

The rapid incorporation of a company either prior to or following insolvency action against a company where the new company is linked to the company that experienced insolvency action by one or more common directors.

Although the population of companies that meet these criteria are legitimate and of no legal concern, the population also includes legitimate phoenixisms (if incorporated and operated in accordance with the law), and a subcategory of illegitimate phoenixisms where the applicable law has not been followed or where the director(s) intend or intended to commit fraud.